Economy: Inflation rate drops to 12.48% – NBS

The National Bureau of Statistics (NBS), yesterday, disclosed that the Consumer Price Index (CPI), an inflation rate measurement, dropped to 12.48 per cent in April 2018, from 13.34 per cent in March representing 6.45 percentage change.

In its report titled: “Consumer Price Index April 2018” released Tuesday in Abuja, the NBS stated that this was the 15th consecutive disinflation since the beginning of last year January 2017. The bureau, however, added that on a month-on-month basis, the Headline Index dropped by 0.83 per cent in April 2018, down by 0.01 per cent points from the rate recorded in March 2018.

“The percentage change in the average Composite Price Index (CPI) for the 12-month period ending April 2018 over the average of the CPI for the previous 12-month period was 15.20 per cent, showing 0.40 per cent decline.
With regards to the urban inflation, NBS stated that the rate eased to 12.89 per cent year-on-year in April 2018 from 13.75 per cent recorded in March, while the rural inflation rate also eased by 12.13 per cent in April 2018 from 12.99 per cent in March.

“The corresponding 12-month year-on-year average percentage change for the Urban Index is 15.47 per cent in April 2018. This is less than 15.87 per cent reported in March, while the corresponding Rural Inflation rate in April 2018 is 14.95 per cent compared to 15.34 per cent recorded in March.

Meanwhile the Lagos Chamber of Commerce and Industry (LCCI) while commenting on the development urged the Central Bank of Nigeria (CBN) to review its tight monetary policy as inflation rate had declined for the 15th consecutive time.

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